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GENERAL MOTORS CORPORATION EXHIBIT 12
AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES
Nine Months Ended
September 30,
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1995 1994
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(Dollars in Millions)
Income before cumulative effect of
accounting change $5,066.5 $4,086.6
United States, foreign, and other income taxes 2,433.8 1,905.3
Equity in income of associates (91.2) (9.2)
Cash dividends received from associates 13.7 8.6
Amortization of capitalized interest 38.3 37.7
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Income before income taxes, undistributed
(income) losses of associates, and amortization
of capitalized interest 7,461.1 6,029.0
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Fixed charges included in net income
Interest and related charges on debt 4,262.5 3,651.0
Portion of rentals deemed to be interest 424.2 334.5
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Total fixed charges included in net income 4,686.7 3,985.5
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Earnings available for fixed charges $12,147.8 $10,014.5
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Fixed charges
Fixed charges included in net income $4,686.7 $3,985.5
Interest capitalized in the period 37.5 21.1
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Total fixed charges $4,724.2 $4,006.6
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Ratios of earnings to fixed charges 2.57 2.50
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